Sec. 2.
Any seller or lender or his assigns who enters into any contract or agreement which does not comply with the provisions of this act or charges interest in excess of that allowed by this act is barred from the recovery of any interest, any official fees, delinquency or collection charge, attorney fees or court costs and the borrower or buyer shall be entitled to recover his attorney fees and court costs from the seller, lender or assigns.
History: 1966, Act 326, Eff. Mar. 10, 1967 Popular Name: Usury Act
Structure Michigan Compiled Laws
Chapter 438 - Money and Interest
Act 326 of 1966 - Interest Rates (438.31 - 438.33)
Section 438.31 - Legal Interest Rate; Scope; Limitation; Construction; Foreign Obligations.
Section 438.31a - Payment of Reasonable and Necessary Charges in Addition to Interest; Exceptions.
Section 438.31b - Loan Settlement Statement.
Section 438.31d - Waiver of Defense of Usury by Nonprofit Corporation.
Section 438.32 - Violation of Act; Attorney Fees and Court Costs, Recovery.